Curbed Cheatsheet: Stuyvesant Town/Cooper Village Sale

Tuesday, September 5, 2006, by Lockhart

As was first rumored on Curbed back in July, MetLife officially put the 11,200 apartments that comprise Stuyvesant Town and Peter Cooper Village on the block last week. Presumed asking price: $4 billion to $5 billion. How'd the news imact around town? Let's see...

1) Awe. "No doubt in my mind. It’s truly an unprecedented offering and an irreplaceable property. It would be impossible today to get a property of that scale in an urban location. And that neighborhood has become so desirable." [NYTimes]
2) Disbelief. "Stuy Town's two-bedroom apartments have only a single bathroom. The walls of my place were so paper-thin, I got to know everything about my neighbors' family feuds and sex lives... An executive of one company among the prospective bidders said that 'in a normal market,' those weaknesses could seriously lower the price - 'but we're not in a normal market.'" [NYPost]
3) Wistfullness. "It does evoke sadness that more middle income people are going to be forced out of Manhattan. Another step toward Manhattan becoming an exclusive island for the wealthy. How long before Central Park is converted into a golf course?" [True Gotham]
4) Rebellion. "Stuyvesant Town is a middle-class community, and we do not want to lose that identity to the highest bidder." [NYTimes]

That last quote encapsulates today's news on the deal—that a group of residents, backed by the City Council speaker, will try to buy the two complexes to keep them affordable to the middle class. How to fund it? The AFL-CIO's housing investment trust could be used, at least to cover part of the price. Other ideas?
· Official Sees Way to Buy Two Developments [NYTimes]
· Coalition forms, hopes to keep apartment complex affordable [AP via IHT]

Filed under Manhattan: Gramercy/Flatiron District, Real Estate Development,

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Comments (8 extant)

What is the attraction to living here, am i missing something.

These places look like projects, and they are all the same. You could put a whole foods on every block, I still wouldnt find this area of the city attractive or interesting at all.

By Anonymous at September 5, 2006 2:31 PM

Why is this non-story getting so much press?

Met Life was already pulling all of the units out of Rent Stablization upon a vacancy, which is the same thing any buyer will do.

If its being decontrolled anyway, who cares who the landlord is?

By Anonymous at September 5, 2006 2:35 PM

this is the one factor that will actually lead to the construction of the "2nd ave subway" the train most likely will end up swinging to the southeast in order to provide easy transit access for these newly wealthy neighborhoods. plus, maybe gehry can design some great new facades as well as extra bathrooms in those 2 bedrooms that only currently have one bathroom.

By seven at September 5, 2006 2:45 PM

Let's start the wrecking ball rolling! I say level PCV and Stuy Town and replace it with designer glass towers.

We are going to end up paying market prices anyway so let's maximize the capital. Squeeze every square foot and market them as luxury class condos. Adam Smith will sure be proud.

By the way... golf course in Central Park? I have something better.

http://www.1010wins.com/pages/39920.php?contentType=4&contentId=147919

By Capitalist at September 5, 2006 3:36 PM

110 buildings are a perfect fit for a new NYU campus. Move all of the people to civilization in NYU's vast array of buildings everywhere in the Village.

By NYU_Bites at September 5, 2006 6:21 PM

When I went to NYU I had some friends that lived there. I wasn't enjoyable to visit, units were hard to find.

Tear it all down, repave the streets through. Build towers. Big towers. All market-rate.

By ld876 at September 14, 2006 5:16 PM

I grew up in Stuy Town and had a grat childhood!! Trees, playgrounds, a place to hang out and enjoy life. I never considered growing up with 1 bathroom a "hardship" so for posters saying "tear it down" etc... F off!!! There are very few places left that the true middle class can afford and they have every right to be there. My parents still lve in Peter Cooper and are protected by the law regardless of which company buys the property!

By Laura at October 17, 2006 5:07 PM

A 1 bedroom apt is 3,000 a month and this is NOT a luxury building! spending money on a logo is ABSURD.

By danielle sheahan at May 11, 2007 1:58 PM